Small Business Internal Control Audit
Business Fraud Prevention, Inc is on a mission to lower fraud risks in smaller organizations by providing reduced fee based internal control audits that are otherwise out of reach for smaller businesses and nonprofits.
Part of our nonprofit mission is to be able to finally get smaller organizations operating with effective and easy to follow internal controls. This will be paramount in lowering their organizations fraud risks and losses. The ACFE consistently show that smaller organizations continue to rank highest in occupational fraud and abuse, which can cripple their ability to stay in business.
Unfortunately, these types of professional services that are necessary for the success of smaller organizations are way too costly. The average cost for an internal control audit is between $3,000 and $5,500 depending on the size of small business. This cost is out of reach for most smaller organizations.
The average length of a time an internal control audit takes to perform depends on the size of the organization, how many accounts they have, and how many employees they have.
We have included internal control audit services for any small business or small nonprofit through a grant based shared cost. The 2023 updated grant award structure is listed below and is based on the organizations annual gross revenue. Our free and reduced cost fee structure is possible thanks to our sponsors, grants and donations. Any fees received for these services are used towards our mission of fraud prevention services and fraud prevention training.
Our internal control examiners will complete a review of your books and records covering a specific period of time. Upon completion of the examination, the internal control examiner will set-up an internal control program sponsored by Vitalics – Small Business Internal Control Program. Once the program is tailored to your organization, BFP will train your organization on how to effectively use it. The audit procedure will cover the following based upon total work completed.
As of January 01, 2023 we have updated our grant based services structure. We are currently serving the Colorado and Wyoming area. Some of our reviews can be completed virtually.
2023 Grant Awards and Fee Structure
| Annual Business Gross Income | Industry Rate | Grant | Reduced Cost RPH |
|---|---|---|---|
| Up to $499,000 | $175.00 p/h | 90% | $17.50 p/h |
| $500,000 to $749,000 | $175.00 p/h | 85% | $26.25 p/h |
| $750,000 to $999,000 | $175.00 p/h | 80% | $35.00 p/h |
| $1,000,000 to $1,499,000 | $175.00 p/h | 75% | $43.75 p/h |
| Over $1,500,000 | $175.00 p/h | 70% | $52.50 p/h |
Depending on the size of your organization, your reduced fee cost average is listed below for reference. Until we consult with you, we will not be able to determine how long your audit review would take and is used for informational purposes only.
| Business Size | Review Period | Est Hours | Reduced Cost Price |
|---|---|---|---|
| Up to $499,000 | 2 Years | 16 | $280.00 |
| $500,000 to $749,000 | 3 Years | 24 | $630.00 |
| $750,000 to $999,000 | 2 Years | 19 | $665.00 |
| $1,000,000 to $1,499,000 | 3 Years | 30 | $1,312.50 |
| Over $1,500,000 | 2 Years | 26 | $1,365.00 |
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